Oil prices hit a six-week high on Tuesday as another hurricane threatened to bring heavy rain to Texas and parts of Louisiana that were still recovering from Ida, and as the International Energy Agency forecast a big demand rebound for the rest of the year.
Brent crude was up 50 cents, or 0.7%, at $74.01 a barrel by 0842 GMT. U.S. West Texas Intermediate crude also climbed 43 cents, or 0.6%, to $70.88 a barrel.
Evacuations were underway on Monday from offshore U.S. Gulf of Mexico oil platforms, as onshore oil refiners began preparing for Hurricane Nicholas."The substantial production outages in the Gulf of Mexico remain one of the factors driving prices," Commerzbank said. The IEA sees a 1.6 million bpd demand rebound in October, and continuing to grow until the end of the year.
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